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Mortgage approved with KBC but homebond issue

mcmorrowg · 2011-06-17 11:41:45

Hi, I recently paid a refundable deposit on an apartment in Dublin. I have over 10% in saving to satisfy that requirement with banks. I phoned the banks before hand to see if I would be approved for the amount I need and all of them said yes. AIB and BOI have since come back and said I don't have enough disposable income.…

17-06-2011 11:41am

#1

mcmorrowg

Registered Users, Registered Users 2 Posts: 38 ✭

Join Date: August 2008

Posts: 29

Hi,

I recently paid a refundable deposit on an apartment in Dublin. I have over 10% in saving to satisfy that requirement with banks.

I phoned the banks before hand to see if I would be approved for the amount I need and all of them said yes. AIB and BOI have since come back and said I don't have enough disposable income.
Apparently €1900 a month is not enough for a €1,200 mortgage. The €1,900 is what I have actually saved on average over the last 6 months and is proven with bank statements. I have since appealed the AIB but not holding out much hope.
All this is based on a single income and not including any rental income! Rental income would be in the region of €1,000 a month for 2 rooms.

The good news is I have been approved for a mortgage with KBC for the amount I require but there seems to be an issue with homebond. I am buying the apartment of a receiver so apparently the homebond is replaced with the construction industry of Ireland bond. The construction Industry bond is not accepted by KBC so they won't issue a mortgage on that property, any other property is fine though!

Has anyone had this problem and discovered a way around the problem with KBC, they have been great to deal with except this issue?

I have my eye set on this apartment so need to try and find away of getting the homebond issue.

Kind Regards

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